It is crucial to understand that repairing bad credit is like losing weight: It certainly demands time, and there is no short cut to fixing a bad credit score. In fact, out of a number of ways to improve credit score, stopgap and quick-fix ways usually, backfire. The best way to work on rebuilding a good score is to manage it responsibly over time. If one fails to do that, then one will have to repair his/her credit history to see a gradual improvement in the same.
5 Important Things You Can Do Right Now:
- Ensure Periodic Check of Your Credit Report: Credit score repair commences with your credit report. If you have not already, then get your report from CIBIL and look for errors, if any. A credit report contains one’s credit history based on which credit score is calculated, and this report may contain errors. In particular, ensure that there are no late payments marked in spite of timely payment made. In case, of error try rectifying the same with the reporting agency and credit bureau.
- Setup Payment Reminders: Ensure that your payments are made on time because a failure in the same contributes majorly to the credit score. Understanding the importance of the same, a number of banks these days offer payment reminders either through texts or email. One can also place standard orders with the bank to debit their personal account for such payments. This will ensure timely payment without any failure.
- Reduce your Debts: This is easier said than done, but clearing debts is certainly going to be a satisfying achievement when compared to improving your credit score. One of the primary things to be done is stop using credit cards. Make a list of all the cards that you are using and check all your recent statements on the same to know your dues and the rate of interest charged by each. Frame a plan that first clears all the dues towards the highest interest cards first, while ensuring optimum payments on other accounts.
- Ensure Timely Payments: Delinquent payments, even if they are late by a day or two, have a crucial impact on your credit score.
- If you are Unable to make Ends Meet, then hire the Services of a Credit Rectification Company: Hiring the services of a credit rectification company will not build your credit score immediately, but you can certainly put your first foot forward to managing your credit. This, in turn, will help increase your score over time. They will offer all the assistance needed and will ensure that your credit score increases over a period of time.
The best of the credit rectification companies have their websites online. Browse the net for more information on the same and ensure that you hire the services of the one who offers excellent service at reasonable and pocket-friendly rates.